Businessman-in-chief owes lenders $436m: Disclosure

WASHINGTON • US President Donald Trump had personal liabilities of at least US$315.6 million (S$436 million) to German, US and other lenders as of the middle of this year, a federal financial disclosure form released by the US Office of Government Ethics shows.

He had roughly US$20 million in income from his Washington hotel, which opened just down the street from the White House last year. Revenues also rose at Mar-a-Lago, the Florida resort known as the "Winter White House".

Mr Trump reported income of at least US$594 million for last year and early this year, and assets worth at least US$1.4 billion.

The 98-page document posted on the ethics office's website late on Friday showed liabilities for Mr Trump of at least US$130 million to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank. For example, Mr Trump disclosed a liability to Deutsche exceeding US$50 million for the Old Post Office, a historic Washington property where he has opened a hotel.

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He reported liabilities of at least US$110 million to commercial real estate lender Ladder Capital Corp.

The largest component of his income was US$115.9 million listed as golf-resort related revenues from Trump National Doral in Miami, down from the US$132 million he reported a year ago.

REUTERS

A version of this article appeared in the print edition of The Sunday Times on June 18, 2017, with the headline 'Businessman-in-chief owes lenders $436m: Disclosure'. Print Edition | Subscribe